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Forex Analysis & Reviews: 08/05/2022

Relevance up to 16:00 UTC+00

Black lines – bullish channel

Ethereum is trading around $1,673. Price touched again the lower channel boundary it is in and is now bouncing higher. Today’s low at $1,581 is important as a break below it will push the price outside of the bullish channel. Ethereum continues to make higher highs and higher lows. Respecting $1,581 is key for the continuation of the up trend. As long as Ethereum is trading above $1,580, we expect the price to continue higher towards $1,900-$1,975.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022

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